Article Three: Design and Development of Savings Products
| No: 45059688 | Date(g): 24/3/2024 | Date(h): 15/9/1445 | Status: In-Force |
Effective from Jan 31 2025 - Jan 30 2025
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| 1 . | The bank must adhere to the following when designing and developing savings products: | ||
| 1.1 | The quality of product design, along with the principles of disclosure and transparency in its presentation and offering. | ||
| 1.2. | Continuous evaluation of the product's effectiveness and risks based on specific performance indicators. | ||
| 1.3. | Transparency, clarity and accuracy in all product documents, including agreements and initial disclosures. | ||
| 1.4. | Flexibility in the terms for customers to obtain and benefit from the product, or cancel it. The bank should make the product available through digital channels and should not require the customer to have or open a current account, Exceptions apply to products that necessitate such mechanisms, like those involving automatic deductions. | ||
| 1.5. | The products should include various customer segments, including low-income individuals, resident foreigners, and those under the age of eighteen. | ||
| 2. | The bank should prioritize savings products in its product development process, considering the best local and international standards and practices. | ||